Budgets and Records Clause Samples
The "Budgets and Records" clause establishes requirements for creating, maintaining, and providing access to financial records and budgetary information related to a project or agreement. Typically, this clause obligates one or both parties to prepare detailed budgets, keep accurate records of expenditures, and make these records available for inspection or audit upon request. By setting clear expectations for financial transparency and accountability, the clause helps prevent disputes over costs and ensures that funds are managed appropriately throughout the duration of the agreement.
Budgets and Records. (a) Operating Budget
Budgets and Records. The Regional Administrator shall prepare on or before January 1 of each year an annual budget specifying estimated receipts and disbursements and an annual assessment for each Local Government for the next fiscal year. Such budget and annual assessment shall be subject to approval by the Board. Attached hereto as Appendix B is the annual SERSG Budget for Fiscal 2015. The Regional Administrator shall cause to be kept accurate and comprehensive records of all SERSG activities and transactions as shall comply with generally accepted governmental accounting standards and with any requirements of Section 4A Chapter 40 of the Massachusetts General Laws as in force from time to time. The Regional Administrator shall cause a regular audit of the books and records to be performed periodically and shall also cause to be distributed to all SERSG members not less frequently than annually financial statements of SERSG.
Budgets and Records